Research Capital $3.45 Target The most recent round of drilling was successful as nickel was intercepted in
every hole with some higher-grade intercepts (e.g. +1% nickel) in seven of the 10 holes.
Overall, we think the drill program has been successful and has helped define a target
over a strike of 1.2km (with infill needed in in the northern half) Maintaining SPECUALTIVE BUY and $3.45/sh Target
Overall, we think the Texmont project represents a relatively inexpensive path for CNC
to become a near-term nickel producer. Looking to the future, we think investors should
anticipate a resource estimate to be followed by a preliminary economic assessment (PEA)
in 2023. We reiterate our SPECULATIVE BUY rating and target price to $3.45/sh.